ConocoPhillips Sells Flying J Stake to Pilot Travel Centers

HOUSTON -- ConocoPhillips completed the sale of its 50 percent partnership interest in the CFJ Properties - Flying J truck stops to Pilot Travel Centers for $626 million, subject to normal purchase price adjustments.

The transaction also includes long-term product supply agreements with Pilot, according to ConocoPhillips.

"We’re pleased to conclude this transaction and to have a long-term fuel supply relationship with Pilot, which affords ConocoPhillips the ability to provide an outlet for ConocoPhillips' gasoline and diesel production,” Willie Chiang, senior vice president, Refining, Marketing and Transportation, said in a statement.

The sale is consistent with ConocoPhillips’ U.S. marketing strategy to minimize company ownership of motor fuel stations while securing long-term markets for refined products from ConocoPhillips refineries.

It is also another step in the execution of the ConocoPhillips $10 billion asset divestiture program, the company stated.